Inside ETFs' Matt Hougan looks at the 25th anniversary of the first U.S. ETF and talks about how ETFs have helped change the culture of finance and how they are now transforming the bond market. Also, how the ETF of ETFs structure can be effective.

Vanguard ETF Shares are not redeemable with the issuing Fund other than in very large aggregations worth millions of dollars. Instead, investors must buy and sell Vanguard ETF Shares in the secondary market and hold those shares in a brokerage account. In doing so, the investor may incur brokerage commissions and may pay more than net asset value when buying and receive less than net asset value when selling.

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